A ‘huge victory’: compulsory financial education for schools in England

Published on 1 January 1970 by Raffick Marday

Personal finance is already taught in schools in Wales, Scotland and Northern Ireland, and England has finally decided to follow suit.

bank accountsFollowing the publication of the new draft curriculum yesterday (February 7), financial education is likely to become compulsory in schools across England for the first time.

A public consultation on the draft National Curriculum, which will run until 16 April, was announced by Education Secretary Michael Gove.

A final version of the new curriculum will be rolled out across classrooms in September 2014, and will see financial education entrenched in mathematics and ‘citizenship’ education.

According to the consultation documents, the new programme for citizenship aims to equip pupils with “the financial skills to enable them to manage their money on a day-to-day basis as well as to plan for future financial needs”.

Personal budgeting and money management will feature heavily, and lessons will also cover taxes, credit, debt and financial products and services.

The decision reflects the success of campaigners, who have long been calling for schoolchildren to be taught the basics of managing their money.

The Personal Finance Education Group (Pfeg) welcomed the publication, calling it a "huge victory”.

Tracey Bleakley, Pfeg chief executive, said: "Financial education is essential in equipping young people with the knowledge, skills and confidence they need to be able to manage their money well.”

Founder of MoneySavingExpert, Martin Lewis, said that the “cycle of financial illiteracy in the UK” is one of the reasons behind the economic crisis in addition to a “huge contributor to continued mis-selling epidemics”.

Justin Tomlinson MP, chair of the APPG on Financial Education for Young People, said he was "delighted" at the prospect of a complete overhaul in the financial capability of the country.

"Generations of young people will now gain the knowledge and skills they need to be able to manage their personal finances," he said. "This will make a real and lasting difference to financial capability in our country.”

A prepaid card is an excellent way to introduce your children to the world of budgeting and money management, and can help prepare them for their financial future.

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